Problem of over-borrowing is real, limits on property loans timely

On the face of it, the recent cooling measures on the property market might appear restrictive ("Government introduces new round of property cooling measures"; July 5).

However, given that we're still not out of the woods yet where the economy is concerned, and the threat of a trade war between China and America is ever present, the measures may be timely and not be a bad thing.

To help put things in perspective, perhaps we could look at similar developments elsewhere in the world. For instance in Australia, further restrictions will be imposed on consumer debt to protect borrowers from financial distress — by restricting credit limits on credit cards to be no higher than what the cardholders can afford to repay over three years.

The threat of debt traps dragging consumers into financial maelstroms is very real.

To add more bite to these cooling measures in Singapore, voluntary welfare organisations here could assist to educate consumers on the dangers of over-borrowing. This will help to further curb unchecked consumer borrowing and the attendant risks of overleveraging themselves with mortgage or home loans.